2015 .

(
)()
(
)62015

2015
2015 2 2015



2015 3 2015


1.
2.
3.
4.
5.

2015 4 2015

 1.
2015(GDP)29.68
7.0%
71871.8%5.1%
GDP49.5%

40%
(CPI)1.3%0.8%1.5%
8.4

CPI()
3.0
2.5
2.0
1.5
1.0
0.5
0.0

2015 5 2015

 2.
2015
516620156152015630
100027.66%24.46%
10.03%
2015 2015 2014 2014

630 12/5 630 12
4,277.22 3,350.52 27.66% 2,048.33 2,109.39 -2.89%

14,337.97 11,520.59 24.46% 7,343.27 8,114.39 -9.50%

26,250.03 23,857.82 10.03% 23,190.72 23,340.05 -0.64%

20151512

5500
2015
5000
4500
4000
3500
3000

2015 6 2015

 3.
2015

2014 2014 2015 2015

12 630 12 630

5 4.51% 3.84% 3.51% 3.21%

10 4.60% 4.06% 3.63% 3.60%

5 6.30% 5.22% 4.81% 4.41%

(AAA)
10 6.32% 5.51% 5.00% 4.72%

5 7.02% 5.96% 5.60% 5.03%

(AA+)
10 7.05% 6.44% 5.98% 5.66%

2015 7 2015

 3. ()
2015201320146201420156
5101520

5 10 15 20
()

20156 3.64% 3.88% 4.18% 4.49%

2014 3.59% 3.88% 4.18% 4.51%

20146 3.56% 3.86% 4.17% 4.49%

2013 3.47% 3.78% 4.08% 4.37%

201520156()100.25592014
99.48210.78% ()161.95812014157.05863.12%

750750

2015 8 2015

 4.
2015

2015
1.419.3%
1.5

20154,204
19%
7.1%30.3%

6
11.421.9%
3
4.6%
27.5%

2015 9 2015

 5. 2015
1

2015122 20153

220152020

2015129 2015-2020
201516 5

3
2015215
201525

4 1

2015226 1 201527

2015 10 2015

5. 2015()
5

2015352015
28

2015317<> (2015
31)

7<>

201541<>2015
36

201543(201537)

2015 11 2015

5. 2015()
9 <2>

2015410 <2>
(201542)

10

2015417
201544

2015 12 2015


1. 9.
1.1 9.1
1.2 9.2
1.3 9.3
1.4 9.4
2. 9.5
3.
4.
5.
6.
7.
8.

2015 13 2015

 1.1
20159,433
23%4%9%
10%

350,000

331,010

300,000

250,000 234,298

197,250
200,000 183,273

150,000
130,691
110,543 109,868
98,692
100,000 82,209 72,661
62,465 67,156 78,718
60,205 63,493 66,817
58,019
50,719
50,000

0

2015 2014 2014

2015 14 2015

 1.1 ()
2015-3%
19% 1%
30%9%54%16%

60%
54%

50%

40%

30%
30%
25% 26%
22%
19% 18%
20% 16%

9%
10% 7%
4%

0%
-3%

-10%

2015 2014

2015 15 2015

 1.2
2015

85%

8% 7% 8% 6% 5% 5% 17% 31% 27% 2% 2% 2% 9% 8% 8% 9% 13% 13%
100%
7% 9% 8%
80%
35% 34% 30%
54% 51%
58% 49%
52% 53%
60%
68% 65% 63%

87% 86% 87% 83%

40%
69% 73%
57% 59% 62%
44% 47% 43%
20% 40% 39% 39%
23% 22% 24%

0%
2015
2015

2014

2014

2015

2014

2014

2014

2014

2015

2014

2014

2015

2014

2014

2015

2014

2014

2015 16 2015

 1.3

2015


6% 6% 0% 0% 0% 1% 1% 1% 3% 3% 4%
100% 8% 7% 8% 7% 6% 7% 7%
6% 7%
3% 9%
4%
4%
80% 43% 43%
50% 45%
46% 56% 60%
54% 58%
57% 64% 63%
60% 64% 68% 67%

20% 16% 13%

87% 88% 83%
40% 20% 10%
18%
14% 11%
14%
20% 31% 19% 41% 41%
24% 25% 18% 37% 33%
28% 25% 30% 28%
25% 21%
12% 8%
4% 6% 4%
0% 1%

2015 17 2015

 1.4

48%31%38% 31%9%7%

100.0 94.9

79.8
80.0 74.3
64.0 63.6
60.8
60.0

41.5
40.0 34.4
30.1

19.2 17.6 17.5

20.0 14.8
11.3 13.4 10.0 9.4 9.5

0.0

2015 2014 2014

2015 18 2015

 1.4 ()

/ /
30,000

3.0
25,000 23,927
2.5
2.5 2.4
20,642 2.5
20,000
16,331 2.0
1.7
15,000
1.5 1.2 1.2
1.2
10,026 10,566 1.1 1.1
10,000 9,084
8,110
5,928 1.0
6,244 6,462
5,720
4,097
5,000 0.5

0 0.0

2015 2014 2014 2015 2014 2014

2015 19 2015

 2.
2015201471201575
0.1%

2015 2014

, 24.8% , 31.3%
, 25.7%
, 35.4%

, 13.0%
, 13.7%

,
, 7.1%
, 7.7% , 6.6% 7.6%
, , 7.8%
, 5.3%
, 5.2%
8.7%

2015 20 2015

 3.
2015

/
40,000
31,734 32,514
30,000
18,554
20,000 15,490 15,689
9,296 9,084
10,000 6,467 4,914 5,316 3,409 6,753 6,407
3,749 2,655 1,871
1,815 1,026
-

2015 2014 2014

600% 526%

400%
193% 159%
200%
71% 67% 80% 71%
14% 32% 42% 2%
0%
0%

-200%
2015 2014
2015 21 2015

 3. ()
1.
2015317.3471%
333.58103.5%
29.483.5%15.87
3.5%28.4526.1%
2015A22

2.
2015154.9092.9667%

20152014
8.742015379.002014
192.322015705.864.2%
7.9%2014277.0925.5%2015
347.80
20145.0%20155.1%2015A
1923

20151,727.4516.5%
482.0054.2%79.8
25.5%
61.06
42.8%2015A
14
2015 22 2015

 3. ()
3.
201564.6731.6%
2015A
15

4.
201553.16192.8%
201.05
281.9440.2%297.33
342.9315.3% 2015H11

5
201567.5380.1%

119.5%
2015A15
20148.7%346.31
62.3%47.7%
2015A12

6
201526.55158.8%
2015H32

2015 23 2015

 4.
20152015
8.7%

10.0% 8.7% 9.2%

7.2%
5.5% 5.5% 5.5%
5.0% 4.0% 3.4% 3.8%
3.3% 3.1% 3.3%
1.3%
0.7% 1.3%
0.0%

2015 2014 2014

14.0%
12.0%
12.0% 10.3%
9.2%
10.0% 7.1%
8.0% 6.7%
5.1% 5.5% 5.3% 5.1% 5.5% 4.8% 5.5%
6.0%
4.0% 1.9% 1.2% 1.3%
2.0%
0.0%

2015 2014 2014
=/(+)
2015=(2015+2014)/(20146+2015
+2014)2014

2015 24 2015

 4. ()
201513/14
201525/26

13/14
93.4%
95.0% 92.3% 92.3% 90.9% 92.5% 92.6% 91.3%
89.0% 89.0% 91.0% 90.6% 91.0% 91.1%
88.5% 89.8% 86.9% 88.4% 88.5%
90.0% 87.6%
86.4%
84.8%
85.0%

80.0%

- -
2015 2014 2014

25/26
88.9%
90.0% 86.7% 88.7% 89.1%
87.5% 88.1% 87.4%
86.4% 86.4% 88.0% 88.7% 87.2% 88.5%
86.0% 85.1%
85.0% 84.0% 84.2% 83.4% 82.8%
80.3% 81.2%
80.0%

75.0%
- -
2015 2014 2014

14261325

2015 25 2015

 5.
11
2015
9.920151.8%-3.5%

2.0% 2.3% 2.7% 3.9% 3.6% 4.6% 2.2% 1.9% 2.4%

100%
10.4% 12.0% 8.1% 9.5%
12.5% 19.1%
80% 25.7% 26.0% 3.7% 3.7% 5.0%
27.4% 3.0% 3.2%
5.3%
60%
12.6% 4.7% 7.5%

40% 64.9% 55.0% 54.4% 42.3% 48.3%

39.7%
33.0% 30.7% 32.8%
20%

0% 3.5% 3.3% 4.3% 2.7% 2.3% 3.3% 1.8% 1.6% 2.3%

2015 2014 2014 2015 2014 2014 2015 2014 2014

=/
=(+)/
=/
=/
=(-)/
2015 26 2015

 6.
2015

16.0%
14.1%
14.0% 13.2%
12.4%
12.0% 10.6%
10.4% 10.3%
9.6%
10.0%
8.3% 8.2%
7.2% 7.6%
8.0% 7.1% 6.9%
6.2%
6.0% 5.0%
3.8% 3.8%
4.0% 3.1%

2.0%

0.0%

2015 2014 2014

=/
2009
1%

2015 27 2015

 6. ()
2015

14.0% 12.8%
12.5%
12.0%
10.5% 10.4%
9.9%
10.0% 9.5%
8.5% 8.5% 8.4% 8.6%
7.9% 8.0% 7.8%
8.0%

5.7% 5.9%
6.0% 5.2%
4.5%
3.9%
4.0%

2.0%

0.0%

2015 2014 2014

=/

2015 28 2015

7.
2015
2015

2015630 4.85%~5.00% 5.10%~5.20% 4.75%~5.23%



20141231 4.80%~5.00% 5.00%~5.20% 4.75%~5.23%

2015630 3.47%~5.85% 3.57% ~5.95% 3.67%~6.05%



20141231 3.52%~5.96% 3.57% ~6.28% 3.67%~6.11%

/ / / /




2015630 37~45 0.85%~0.90% 14 0.90% 80~95 1.15%~1.26% 60 0.88%

20141231 37~45 0.85%~0.90% 14 0.90% 80~95 1.15%~1.26% 60 0.88%

2015 29 2015

 8.
2015
2014

2014220%

350% 309%
309% 325% 301%
294%
300% 275%
241% 246%
250% 220% 225% 218% 227% 221%
215%
184% 179% 191%
200% 175%

150%

100%

50%

0%

2015 2014 2014

2015 30 2015

 9.1
2015

6,000 5,168
4,549
3,904
4,000 3,024 2,642
2,227 1,432 1,257
2,000 1,051 766 518 656 992 731 853 545 409 474
0

2015 2014 2014

100.0%

47.8%
50.0% 32.4% 35.8% 36.3% 35.7% 33.3%
23.6% 20.3%
16.0% 14.8%
7.4% 7.3%
0.0%

2015 2014

2015 31 2015

 9.1

2015 2014 2014 2015 2014 2014
630 630 1231 630 630 1231
2,347 1,387 1,942 356 158 248

3,246 2,901 3,007 483 415 469
(425) (385) (400) (73) (55) (61)
5,168 3,904 4,549 766 518 656

2015 2014 2014 2015 2014 2014
630 630 1231 630 630 1231
576 351 504 968 658 898
19996 19996
(46) (44) (47) (63) (75) (73)
19996 19996
1,060 882 949 2,500 1,947 2,156
(158) (138) (149) (381) (303) (339)
1,432 1,051 1,257 3,024 2,227 2,642

2015 2014 2014 2015 2014 2014
630 630 1231 630 630 1231
514 336 430 368 235 306

605 511 543 186 182 175
(127) (116) (120) (9) (8) (6)
992 731 853 545 409 474

2015 32 2015

 9.2
2015

3,000 2,822
2,607
2,516
2,500

2,057
2,000
1,744
1,569
1,500

1,000 842
700 741
478
500 397 403 402 396 423
177 174 169

2015 2014 2014
11%10%11.5%

2015 33 2015

 9.3
2015
37%

/
300 284 50.0%
272 45.0%
45.0%
250 233
222 220 40.0% 37.0%
199 34.1%
35.0%
200
28.2% 29.1%
30.0%
26.5%
150 25.0%

107 20.0% 16.8%

100 85 87 15.6%
15.0% 13.5%
60
52 46 49 10.0%
50 39 43 5.9%
5.0%

0 0.0%

2015 2014 2014 2015 2014

2015=2014
-2014+2015
2013
2015 34 2015

 9.3 ()
2015

200 186
180 170
160
135
140
118
120
100
80 72
60 52
32 35 27
40 24 24 26
20
0

2015 2014

2015 35 2015

 9.3 ()
2015

-3%44%
138%32%2%
-9%

50.0%
44.6% 44.0% 43.2%
45.0% 160%
138%
40.0% 38.5% 38.2% 36.6% 140%
120%
35.0%
100%
30.0%
80%
22.9% 58%
25.0% 60% 44%
35% 32%
20.0% 16.6% 40% 30% 25%23%
16.2% 16%
15.0% 20% 2%
0%
10.0% 6.9%
-20% -3% -9%
5.0%

0.0%

2015 2014
2015 2014

11%11.5%

2015 36 2015

 9.3 ()
2015

/
501 336 562 414 470
281 190 188 152
400 158 126 148 101 123 92

20

2015 2014 2014

80% 66% 66% 71% 68% 67%
57%
60% 48% 50%
36% 34% 36% 35% 39% 28%
40%
12%
20%
0%

2015 2014 2014

=+(+ )*10%
= /

2015 37 2015

 9.3 ()
2015

37%41%
/
20.0%
13.2% 12.7% 13.1% 12.5%
12.7% 12.6% 12.1% 11.8%
10.1% 8.9% 9.6% 10.8% 11.7% 11.6%
10.0% 8.8%

0.0%

2015 2014 2014

/
30.0% 26.7%
22.5% 26.4% 21.4%
20.0% 21.2%
20.0% 14.5%
13.3% 12.7% 13.4% 12.8% 14.0%
12.2% 11.8% 13.2%
10.0%

0.0%

2015 2014 2014

2015 38 2015

 9.4
2015

11% 11% 11%
2015

5.1%20165.2%
5.1% 4.75%
5.2%
0.1% 0.25%5.5%

5.5%



25% 25% 25%

5.5%* 5.5%*

65% 70%
50%
60%
25%

(2000-2003) (2000-2003) 80%
50%


15%

85% 20%80%

2% 2.5%

75%* 70%*




80%* 80%*

2015 39 2015

 9.4 ()

11.50% 10.00%
2015 2016 2017 2018+

5.00% 5.10% 5.20% 5.20%

5.75%
5.00% 5.10% 5.30% 5.50%
5.00% 5.20% 5.50% 5.60%
7.60% 7.60% 7.80% 7.90%
25% 25%

5.0% 5%

(2006-
2010)

2000-2003

2014

2.0%

70%

2015 40 2015

 9.5
2015

2015630

11% 11% 11% 11.50% 10%
0.5% 0.5% 0.5% 0.5% 1.0%

-4.66% -4.29% -4.44% -5.15% -6.38%
0.5% 0.5% 0.5% 0.5% 1.0%

5.00% 4.57% 4.75% 5.52% 7.43%
10% 50bp 25bp 50bp 50bp
(1)
16.15% 10.77% 7.63% 16.97% 20.71%
10% 50bp 25bp 50bp: 50bp
(1)
-16.04% -10.96% -7.67% -17.01% -20.58%
10% 1.01% 0.99% 1.83% 2.85% 1.23%
10%(2) 0.81% 0.68% 0.52% 0.80%
2.09%
10%(2) 0.86% 1.18% 2.52% 0.33%
10% 0.42% 2.05% -0.31% 1.53% 3.76%
10% 0.21% 0.11% 0.31%
150% -7.40% -9.35% -9.21% -2.38% -6.25%

0.56%
110%
-1.46% 3.38%

210%2.07%2.74%
5% 5% 5% 5% 10%

-3.65% -3.98% -10.06% -4.97
110%
210%2.09%
2015 41 2015

 9.5 ()
2015/

2015630 /3

11% 11% 11% 11.50% 10%
0.5% 0.5% 0.5% 0.5% 1.0%
0.5%
-5.06% -7.09% -6.06% -7.53% -10.23%
0.5% 0.5% 0.5% 0.5% 1.0%
0.5%
5.47% 7.65% 6.52% 8.11% 11.89%
10% 50bp 25bp 50bp 50bp
(1)
21.99% 10.35% 5.41% 24.79% 41.90%
10% 50bp 25bp 50bp 50bp
(1)
-21.95% -10.35% -5.35% -24.74% -41.90%
10% 6.95% 1.10% 8.58% 14.47% 10.11%
10%(2) 0.53% 1.55% 0.52% 1.15%
3.42%
10%(2) 0.46% 2.75% 4.12% 0.85%
10% 2.77% 4.52% 0.72% 7.85% 11.15%
10% 4.43% 1.62% 2.22%

-7.93% -7.73% -7.68% -12.54% -10.93%
150%

-1.01% -6.07% -8.37%

5% 5% 5% 5% 10%
5%
-2.55% -3.82% -2.16% -1.67%
110%
210%3.42%
2015 42 2015


1.
2.
3.
4.
5.
6. /
7. /
8.
9.
10.
2015 43 2015

 1.
2015

300,000
253,037
250,000

200,000

146,232 143,150
150,000 132,118

93,026
100,000 81,584
68,852
48,380 48,165
50,000

2015 2014 2014

2015 44 2015

 1. ()
2015
10.7%18.5%

30.0% 27.7%

25.0%

20.0% 18.5%

14.3% 13.7%
15.0%

10.7%
10.0%

5.0%

0.4%
0.0%

2015 2014

2015 45 2015

 1. ()
75%
70%

100% 2.4% 2.4% 2.3% 2.8% 3.0% 2.8%

8.3% 6.6% 5.6%
21.7% 21.9% 20.4% 21.5% 21.2% 18.5%
24.7% 21.3%
80% 24.1%

60%

40% 75.9% 75.7% 77.3% 75.7% 75.8% 78.7%

68.7% 73.1%
67.6%

20%

0%
2015 2014 2014 2015 2014 2014 2015 2014 2014

2015 46 2015

 2.
201520150.3%
1.1%1.3%0.5%

2015 2014

, ,
, 35.4% , 34.2% 34.9% 34.5%

, 11.3% ,
, 19.1% ,
12.6% 18.0%

2015 47 2015

 3.
2015

160,000
144,685
140,000

120,000

100,000

80,000 70,541 64,393 65,132

54,459
60,000
34,756 30,872
40,000
26,404 25,348
20,000

2015 2014 2014

2015 48 2015

 4.
201585%

16,000 14,578 140%
14,422 122%
14,000 120%
94%
12,000 100%
85%
10,000 8,807 80%
8,730
7,790
8,000 60%

40% 29%
6,000
4,496
20%
4,000 3,268 2%
1,474 0%
2,000
1,068
-20%
0 -15%
-40%


2015 2014 2014
2015 2014

2015 49 2015

 4. ()

2015144.2266.3285%
61.9120146.045.3%(20145.6%)
75.9216.928.63%2015

416%18%9%6%
2015H15
2015

91,588 4,264 1,240 4,065 6,700 4,883 3,000 115,740

-56,550 -2,011 -452 -2,223 -5,547 -2,880 -1,453 -71,116
-28,500 -1,587 -479 -1,379 -935 -676 -820 -34,376
-2,616 -213 -80 -143 -474 -293 -238 -4,057
3,922 453 229 320 -256 1,034 489 6,191
33.97% 42.21% 45.08% 37.44% 21.03% 19.84% 35.27% 33.21%
61.74% 47.16% 36.45% 54.69% 82.79% 58.98% 48.43% 61.44%

2014

78,906 4,135 1,338 3,526 4,649 4,747 2,345 99,646

-50,594 -1,847 -540 -1,850 -3,637 -2,797 -946 -62,211
-22,915 -1,606 -538 -1,196 -746 -696 -631 -28,328
-2,495 -202 -100 -130 -185 -239 -169 -3,520
2,902 480 160 350 81 1,015 599 5,587
32.20% 43.70% 47.70% 37.60% 20.00% 19.70% 34.10% 32.00%
64.10% 44.70% 40.40% 52.50% 78.20% 58.90% 40.30% 62.40%

2015 50 2015

 4. ()

201587.3042.3494.2%
2015
2015
814.4318.5%201593.6%0.8
2015A62023

201532.6817.94
121.7%2015
123.7% 2015A318

2015 51 2015

 5.
201594.7%0.3%1.2
0.993.6%0.8%0.5
1.399.5%
100%107.6%117.8%108.0%

100%

33.2% 32.0% 32.1% 36.1% 34.6% 35.7% 35.8%

80% 36.6% 37.6%

60%

40%
61.5% 62.4% 64.4% 58.3% 64.9% 63.8% 68.0%
57.0% 57.7%
20%

0%

2015 2014 2014 2015 2014 2014 2015 2014 2014

2015 52 2015

 6. /

/
60.0% 52.9% 52.2% 53.1%
50.0%
42.5% 44.5% 41.8%
44.5%
40.9%
38.8%
40.0%

30.0%

20.0%

10.0%

0.0%

2015 2014 2014

=/12
2014=/
2015=20156/(2015+2014)2014

2015 53 2015

 7. /

/ /
50.0% 70.0%

41.5% 57.2% 58.5%

60.0% 54.6%
40.4%
40.0% 48.7% 45.5% 52.6%
38.7%
48.2%
33.8% 50.0% 44.8%
31.6% 42.6%
30.1% 30.2% 29.7%
30.0% 28.5% 40.0%

30.0%
20.0%
20.0%

10.0% 10.0%

0.0%
0.0%

2015 2014 2014 2015 2014 2014

=/12
2014=/
2015=20156/(2015+2014)2014

2015 54 2015

 8.

Standard & Poors A-
A.M. BestFitchMoodys2015
11%12.8%201511%12.6%
2015H28

20% 15.8%
12.8% 12.4% 11% 12.6% 12.8%
11%
10% 7.8%

0%

2015 2014 2014

14.1% 16.6% 15.7%
20.0% 9.6% 11.7% 9.9%

0.0%

2015 2014 2014
=/
=/
=/
=/
=/

2015 55 2015

 8. ()

20154.5%2015

100.5564.73
35.690.13
2015A21

20% 16.5% 15.3% 15.7%

14.0% 13.3% 13.9%
12% 12%
9%
10%

0%

2015 2014 2014

20% 14% 15.7% 14.8%

11% 12.4%
9.5%

0%

2015 2014 2014

2015 56 2015

 8. ()


A-
201514.1%201412.6%
201415.2%2015A26

14.1% 14.2% 13.3% 12.6% 15.2% 14.8% 14.6%
20.0%
0.0%
-20.0%
-14.0%
-40.0%
-31.2%

2015 2014 2014

30.0%
19.8% 20.6%
17.6%
20.0% 14.7%
12.3% 11.4%
10.0%
0.0%

2015 2014 2014

2015 57 2015

 9.
2015

35.0
31.0
30.0 27.2

25.0 21.58
20.0 18.6

15.0 11.8
10.7
10.0

5.0

0.0

2015 2014 2014

=/*360(*180)

2015 58 2015

 10.
2015201410
802015

20151.7%
201525

2015


300.0%

239.0%
250.0% 226.0%
201.0%
200.0% 181.0% 175.0% 177.0%
164.5%
153.6% 151.9%
150.0%

100.0%

50.0%

0.0%

2015 2014 2014

2015 59 2015


1.
2.
3.

2015 60 2015

 1.
20156%


20.0%
9.1% 8.8% 10.5%
7.7% 6.6%4.4% 6.1% 7.8%
10.0% 4.8% 5.4% 5.1% 6.0% 4.3% 5.3% 5.1% 5.8% 5.1% 5.8%

0.0%

2015 2014 2014

()=(-)/(-

)2
={[(-+--

+)/((+)/2)]/181}365


Modified Dietz
( )=( + + -
- )/
Modied Dietz

=(-)/[(--]*2

2015 61 2015

 2.
2015
55%70%2015

100% 4% 3% 3% 4%
10% 5% 6% 7% 9% 7% 8% 9% 7%
11%
11% 9% 14% 11% 21%
29% 28% 30% 17% 7% 18% 13% 11% 14% 7% 11%
10% 18%
80%
9%
10% 10%
60% 16%

40% 83% 86% 85% 83% 85% 84% 82%

80% 77% 80% 80% 79% 79%
70% 74%
62% 60%
55%
20%

0%
2015

2014

2014

2015

2014

2014

2015

2014

2014

2015

2014

2014

2015

2014

2014

2015

2014

2014

2015 62 2015

 3.
2015
50%/
59%52%48%

120%

0%
100%
15% 1% 1% 1% 1% 2% 1% 1%
0% 4% 1% 1% 0% 0%
10% 0% 15% 9% 9%
16% 13% 3%
4% 11%
0% 13%
13% 7% 12% 31% 5%
80% 37% 10%
12% 48% 13% 3%
36% 52%
59%
6%
60% 5%
8%
11% 90% 3% 90%
40% 79% 83% 78% 3% 83%
69% 70% 74%
57% 61%
20% 46% 41% 44%
37%

0% -3%
-8%

-20%

2014

2015
2015

2014

2015

2014

2015

2014

2015

2014
2014
2014

2014

2014

2014

2015 63 2015



17.4%25.3%
5%
0.2%

30.0%
25.3% 25.5%
25.0% 22.8%
22.0%
20.9% 21.8%
20.0% 18.3% 18.2% 18.1%
17.4% 17.4%
16.0% 15.8%
14.6%
15.0% 12.8% 13.2%
10.3%
9.1%
10.0%

5.0%

0.0%

2015 2014 2014

=/[(+)/2]=2

2015 64 2015


2015
20.7%33%2015
2008
52.51
6.5%

35.0% 33.0%

30.0% 26.3%
26.3% 25.5%
23.1% 24.2% 24.7% 23.6%
25.0% 22.7% 23.0% 22.4%
20.1% 20.7%
19.4% 19.5%
20.0% 18.9% 17.7%
17.1%
15.0%

10.0%

5.0%

0.0%

2015 2014 2014

=/

2015 65 2015



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